FRANKFORT, Ky. (May 28, 2014) – Imagine having 10 minutes to
pitch your business idea to a group of investors who could make your dream come
true. Sound like a reality show? It is reality, right here in Kentucky.

Governor Steve Beshear today
announced the state will host eight regional pitch competitions this summer.
Similar to the hit television show “Shark Tank,” these competitions will
feature Kentucky entrepreneurs presenting their business ideas to a group of
local angel investors,
individuals who provide capital for startup companies.
Winners will receive cash prizes and the opportunity to present their business
plans to the entire Kentucky Angel Investors Network (Kentucky Angels) in
Frankfort.

“The next great
idea can come from anyone,” said Gov. Beshear. “As a state, we need to support
these visionaries and provide them the tools to turn their vision into a
reality, including the financial means to get started. I look forward to seeing
more small businesses and new jobs come to life as a result of these
competitions.”

The events will take place
in Ashland, Pikeville, Murray, Elizabethtown, Richmond, Covington, Lexington
and Louisville.

“Small businesses are job creators and
the backbone of Kentucky’s economy,” said Mandy
Lambert, acting commissioner of business development at the Kentucky Cabinet
for Economic Development. “This is a great opportunity for entrepreneurs
to network with potential investors and get their businesses off the ground. We
want to expose more people to investment opportunities right here in the
Commonwealth.”

The competition is sponsored
by the Office of Entrepreneurship within the Kentucky Cabinet for Economic Development,
along with the Kentucky Angels Network and the Kentucky Innovation Network.

“These regional events help
form the foundation for a statewide network of entrepreneurs and investors
working together to create new businesses and jobs across the Commonwealth,”
said Dean Harvey, executive director of the Von Allmen Center for
Entrepreneurship in the Gatton College of Business and Economics at the
University of Kentucky.

Last year, the Cabinet successfully
launched the Kentucky Angels Network. Kentucky Angels brings new ventures and
accredited investors together via monthly online meetings, providing investors
access to form deals and partnerships with entrepreneurs statewide. Membership
is open to those accredited investors in and outside the state who are
passionate about investing in Kentucky companies.To
learn more about Kentucky Angels, visit www.kyangels.net.

Information on Kentucky’s economic
development efforts and programs is available at www.ThinkKentucky.com.Fans of the Cabinet for Economic Development can
also join the discussion on Facebook
or follow on Twitter. Watch
the Cabinet’s “This is My Kentucky” video on YouTube.